New growth theory argues that
A) growth relies on maintaining lower growth rates of population, especially in less developed countries.
B) technology cannot be looked at as an outside factor without an explanation of what drives it.
C) technology is the key factor that explains growth but technology is beyond economic explanation itself.
D) growth is due to the proper government policies concerning interest rates.
B
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Identify and define the different types of constraints individuals face while making different choices
If the idea of herd instinct is true, it suggests that the:
A. efficient-market hypothesis does, in fact, hold. B. inefficient-market hypothesis doesn't always hold. C. efficient-market hypothesis doesn't always hold. D. inefficient-market hypothesis does, in fact, hold.
If the income elasticity of demand for lard is -3.00, this means that:
A. lard is a substitute for butter. B. lard is a normal good. C. lard is an inferior good. D. more lard will be purchased when its price falls.
In an oligopoly market
A) the pricing decisions of all other firms have no effect on an individual firm. B) individual firms pay no attention to the behavior of other firms. C) advertising of one firm has no effect on all other firms. D) one firm's pricing decision affects all the other firms.